NEW YORK STATE ECONOMIC AND REVENUE REVIEW SFY 2012-13

In conjunction with IHS Global Insight, the Senate Finance Committee reviewed and analyzed the economic and revenue projections contained within the Executive Budget for SFY 2012-13. Based upon IHS Global Insight’s February economic forecast, the Senate Finance Committee projects $290 million in General Fund revenues (inclusive of miscellaneous receipts and transfers) above the Executive Budget forecast for SFY 2012-13. This amount is enhanced by the estimate for the remainder of SFY 2011-12, which is $65 million above than the Executive estimate. Therefore, the two year General Fund receipts forecast is $355 million above the Executive forecast.